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UK car investment slumps over Brexit worries
LONDON - Investment in Britain's car industry has fallen by half, according to figures from the motoring sector.
The Society of Motor Manufacturers & Traders (SMMT) said that Brexit uncertainty was "thwarting" decisions by major car companies to put more money into UK factories.
In the first six months of 2017, investment in new models and factory improvements stood at £647.4m.
This year, the figure had fallen to £347.3m for the same period.
The SMMT said this was lowest figure since the financial crisis.
The trade body said that the government's "red lines" on Brexit and "conflicting messages" were working "directly against the interests of the UK automotive sector".
Its chief executive, Mike Hawes, told the BBC that the industry needed "clarity" and demanded that Britain stay within the customs union and that a "no deal" scenario - where the UK leaves the customs union and the single market with no preferential trading deal - would be "the worse option imaginable". (FA)